Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dart Mining targets depth extensions at Mt Unicorn molybdenum project  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 27/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Cashed up Dart Mining (ASX: DTM) is preparing to test the Mt Unicorn ore body continuation at depth, with a rig onsite to commence drilling.

The company has around 3.3 million in cash following a recent 1.25 million raising - which demonstrates the confidence shareholders have in the company's projects.

Dart has engaged edrill Australia to commence a program of deep and metallurgical drilling, which is designed to the existence of multiple high grade stacked molybdenum horizons at depth.

Highlighting the potential of the deposit, previous drilling has already intersected potentially four of these, of which three are currently included in the Unicorn JORC Resource.

Unicorn already has similarities to Henderson, a world class primary molybdenum mine in Colorado, U.S., with the drilling to provide an increased understanding of the projects geology to be developed.

Importantly - the drilling will also give an indication of Unicorns potential to become an underground mine below the currently defined open cut resource, should Unicorn go into production at some stage in the future.

Lindsay Ward, managing director, commented: "Dart Mining is very pleased that drilling is about to recommence at Mt Unicorn and that the continuation of the ore body below 574 metres will be tested for the first time.

"It is planned that an existing hole (DUNDD008) will be extended from its current depth of 387.9 metres to approximately 1200 metres depending on drilling conditions."


Advancing the Pre-Feasibility study

Metallurgical drilling is an important step in advancing the prefeasibility study for Unicorn and will enable the project to be further de-risked, with project economics confirmed and mining and mill design studies further advanced.

Ward added, "A large diameter metallurgical drilling program will be implemented immediately after the first deep hole is completed so as to enable time for assay results to be returned from the deep drill hole before any further deep drilling is considered."


Unicorn's pathway to progress

Dart has a clear focus and pathway to progress Unicorn to production having recently completed a Scoping Study, which indicated the potential for the project to become a viable, long mine life operation.

Unicorn's low forecast operating cash cost is a significant advantage with the project being cash flow positive at a US8 per pound, molybdenum price, (net of credits).

The low cash cost of US3.58/lb (net of credits) places the project in the lowest cost quartile.

Another plus is that demand for molybdenum is forecast to remain strong and continue to grow at between 4% and 6% per year with prices to recover to US18.50 per pound by 2016 when Unicorn is planned to move into full production.

The project is also high grade from surface, and will benefit from a very low strip ratio and available infrastructure, with positive metallurgy including recoveries of 92% molybdenum, 96% copper and 83% silver.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help